With the growing prevalence of mobile phones and devices, many websites are offering mobile-ready versions of their services. Banks are coming on board with this trend by enabling mobile access to customers’ accounts, ranging from savings to small business checking. And, as a small business owner, it’s advantageous to have access to this information at all times.
Finding the right mobile business banking option for your company is easy when you know your needs, investigate your options, and take action to ensure your online security.
Know Your Needs
Knowing how you plan to use mobile business banking will help you choose the banking options that are right for you. The type of device you use and the type of transactions you plan to make will be an important factor in your decision.
· Most banks let you check your balance, pay bills, and transfer funds between your accounts – this is an integral feature that you shouldn’t compromise on.
· Most mobile banking options are limited to phones and devices that have access to an internet browser. If your phone does not have a browser or data plan, you have fewer options. Of the major national banks, only Chase Text offers a free text-messaging option to check your account balance, transaction history, and credit card due dates.
Investigate Your Options
Browser-based mobile banking services are offered by a number of banks, with more offering services each day. While most banks have the same features for their customers, some also offer extra services that may appeal to your needs.
· Might you need to wire money to someone? Some banks offer the ability to send wire transfers to other accounts in the US. Some transfers are limited to users of the same bank, while others will allow nationwide, regardless of the institution.
· In addition to browser-based mobile banking, some banks offer apps that can be downloaded to your iPhone, Android, or Blackberry. These apps offer instant access to your business accounts without having to navigate a browser.
Ensure Your Security
As with any situation where your personal information is transmitted via phone or internet, security is a top priority; and for good reason. With hacking at an all-time high, it’s a real concern for many people doing business on their phones. While banks utilize various signal encryption methods to keep your information safe, there are additional steps you can take to prevent potential fraud and identity theft.
· Logins and passwords are required every time you access your mobile banking account. Be sure that your mobile browser settings are set to disable cookies, which automatically saves your password for future use.
· Lock your phone or device with a password. Change your mobile banking password every 60 days.
· If your phone is stolen, contact your bank as well as your wireless carrier to prevent unauthorized use of both your phone and your mobile account.
Mobile banking allows you to check account balances, pay bills, and transfer money anywhere at the touch of a button. As a small business owner, this is a valuable tool to have. However, banks offer varied services, so be sure to investigate each option thoroughly to find the best match for your company. With enhanced security, mobile banking can be a safe and convenient tool for your business.